It’s fund management sector may have seen its assets soar to over $1.7 trillion, but the island-nation’s stocks themselves have just received another drubbing thanks to foreign investors.
Overseas mutual funds have apparently been dumping more Singaporean shares than buying them in the past three months ending July 15, with United Envirotech — the KKR-backed filter manufacturer — as its number one target, according to The Business Times.
Net sells on the top five stocks reached $614 million, while net buying came in at almost $490 million.
The Straits Times Index meanwhile dropped nearly 5.5% in the same time frame, while year to date the index has traded essentially flat.
Photo credit: Travelbusy.com via Flickr